Russia firms booted from FTSE 100 after shares collapse

[LONDON] Russian metal giants Evraz and Polymetal will leave the British capital's stock market index of leading companies, after collapsing in value since the invasion of Ukraine, the London Stock Exchange group said on Wednesday.

In the rebalance, Evraz and Polymetal International will exit the FTSE 100 and enter the FTSE 250 index, FTSE Russell, a subsidiary of the LSE, said in a statement.

The changes - part of the quarterly reshuffle of the FTSE 100 - will take effect from the start of trading on March 21, it added.

Both companies' share prices have tanked in the past week, making their relegation inevitable, market watchers said.

Polymetal International is a gold miner, while Evraz specialises in steel.

Richard Hunter, head of markets at Interactive Investor said the first reshuffle of the index this year was "reflective of the current market turmoil resulting from geopolitical tensions".

Hargreaves Lansdown analyst Susannah Streeter added: "After Russia invaded Ukraine and then stringent sanctions were imposed on Moscow, the fortunes of the Russia-focused miners Evraz and Polymetal International have reversed dramatically." AFP